Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Monthly users on local streaming platforms outpace Netflix, Disney+
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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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China-Japan rapprochement adds challenge for Korean economy
The recent move by China and Japan toward reinvigorating their economic partnership could lead to aggravating the external environment for the Korean economy, experts here say.The cooperative mood between the world’s second- and third-largest economies is coming at a time when Korea’s economic ties with its two neighboring powers have been shadowed by lingering diplomatic estrangement.It has also raised concerns that Seoul may be sidelined from discussions on key matters involving th
Oct. 31, 2018
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Korea's industrial output for September posts sharpest drop in 19 months
South Korea's industrial output for September posted its biggest drop in 19 months due to a fall in auto and electronic parts production, government data showed Wednesday, raising concerns that the economy is on the brink of a slowdown.Production in the mining, manufacturing, gas and electricity industries backtracked 2.5 percent on-month, following a revised 1.3 percent on-month gain in the previous month.On a monthly basis, the September reading is the sharpest decrease since February last yea
Oct. 31, 2018
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Korea dismisses economic crisis speculations despite signs
Despite hullabaloo in the stock market accompanied with pessimistic economic indices, the South Korean government on Tuesday denied the signs being the bellwether of another economic crisis.While vowing to keep a stern eye on market fluctuations, top policymakers underlined that the bourse “overreacted” to external risk factors such as the US-China trade conflict and US rate hike gestures, and that it remains premature to go as far as activating a contingency plan. “Considering
Oct. 30, 2018
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Seoul asks Washington for exemption from auto tariffs
South Korea has asked that it be exempted from the US' proposed tariffs on imported cars as the two sides have concluded negotiations on autos under their revised bilateral trade pact, Seoul's finance ministry said Tuesday.In a meeting with Rob Rapson, deputy chief of mission at the US Embassy in Seoul, Vice Finance Minister Ko Hyeong-kwon also stressed that the South Korean auto industry had invested over $10 billion in the US and generated more than 110,000 jobs, according to the ministry.The
Oct. 30, 2018
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Number of temporary workers inches up in 2018
The number of temporary workers in South Korea rose slightly this year from a year earlier, with the percentage of such employment also rising, government data showed Tuesday.A total of 6.61 million workers were non-regular workers, part-timers or outsourced laborers as of August 2018, up 36,000 from a year ago, according to the data from Statistics Korea.They accounted for 33 percent of the country's 20.04 million salaried employees. The 2018 data also showed that of the non-regular workers, 2.
Oct. 30, 2018
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'Korean economy to face rising economic uncertainties next year'
South Korea’s economy is expected to face growing economic uncertainties next year, with the government ready to take preemptive measures to reduce any possible downside risks, the country’s chief economic policymaker said Monday.“Given various factors such as external conditions, our economy may face growing uncertainties,” Finance Minister Kim Dong-yeon said in a parliamentary audit session in Seoul.The minister said the government will take measures to reduce any poten
Oct. 29, 2018
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State health insurance income to reach W120tr by 2027
South Korea's state health insurance program will have an income of 120.3 trillion won ($105.47billion) and expenditure of 122.49 trillion won by 2027, according to projections by the welfare ministry Monday.Income figures were derived on assumption that insurance payments will increase 2.04 percent in 2014, 3.49 percent in the years 2019-2022 and 3.2 percent in the years 2023-2027, with government a subsidy of 13.6 percent from 2019 onward. The ministry's projections, provided for a parliamenta
Oct. 29, 2018
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Brokerages to set up emergency response system to market volatility
Major South Korean financial firms vowed Monday to establish an emergency monitoring system to better respond to market instability, their association said.The pledge came after chiefs of 12 local securities firms and nine asset management companies held an emergency meeting earlier in the day to assess the current market situation and discuss ways forward to stabilize the market. In the face of a mixture of unfavorable factors both at home and abroad, the benchmark KOSPI has tumbled more than 1
Oct. 29, 2018
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Govt. to set up W500b fund to stabilize bourse
The government will actively work to stabilize the equity market by setting up a 500 billion-won ($438.4 million) fund that can be injected into local stocks, the country's financial regulator said Monday.Kim Yong-beom, vice chairman of the Financial Services Commission, made the remarks at a meeting with senior executives from brokerages, as he sought to reassure investors amid a sharp decline in stock prices. South Korea's benchmark stock index sank nearly 6 percent last week as foreign invest
Oct. 29, 2018
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[Newsmaker] Anxiety heightens on stock market depreciation
Market observers remained tense throughout the weekend amid burgeoning skepticism that the stock benchmark Kospi might dip below the psychologically significant threshold of 2,000 this week, reeling under the prolonged US-China trade tension and visible losses in recent corporate earnings.Foreseeing further depreciation, especially in the market top cap companies, officials responsible for the securities sector are to put their heads together to devise countermeasures this week in response to th
Oct. 28, 2018
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Korea's economic growth being hurt by weak employment, falling investment
The South Korean economy is expected to post a weak annual growth for this year due to the country's high unemployment rate coupled with the falling corporate investment, industry watchers said Sunday. The Bank of Korea recently revised down the growth target for 2018 to 2.7 percent from 2.9 percent. In the third quarter of 2018, South Korea's economy grew 0.6 percent, the same as the 0.6 percent gain tallied in the second quarter and down from a 1 percent expansion in the first.Overseas financi
Oct. 28, 2018
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[Video] Rise of startups in world’s most reclusive regime
The idea of nurturing budding enterprises in North Korea at first glance draws skepticism.People from free market economies may question how it will be even possible in a country that prohibits the ownership of personal assets, not to mention incentives for ventures.It might sound paradoxical. However, the more North Korea has faced tougher economic sanctions from the international community in the last 10 years, the more passion for business success among people there has built up, said Geoffre
Oct. 25, 2018
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Korean economy grows 0.6% on-quarter in Q3: BOK
The South Korean economy slowed down in the July-September period, central bank data showed Thursday, fueling concerns of an economic downturn.In the three months, Asia's fourth-largest economy grew 0.6 percent on-quarter, the same as the 0.6 percent gain tallied in the second quarter and down from a 1 percent expansion in the first, according to the advance estimate by the Bank of Korea.The central bank lowered the earlier preliminary growth rate for the second quarter from 0.7 percent. From a
Oct. 25, 2018
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[Kim Kyung-ho] Moon’s employment policy goes awry
Kim Kyung-ho is the Sejong-based business editor of The Korea Herald. He can be reached at khkim@heraldcorp.com -- Ed.Shortly after taking office in May last year, in an initiative that was widely perceived as pro-labor, President Moon Jae-in vowed to turn all temporary jobs in the public sector into permanent positions.He made the pledge surrounded by workers at Incheon International Airport, saying he would “wipe away the tears from the eyes of non-regular employees.”That seemingly
Oct. 24, 2018
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Govt underlines innovation, dithers over deregulation
The South Korean government on Wednesday announced a set of innovative growth actions plans, centering on ways to create new jobs and revitalize private investment.Addressing the automobile, auto parts and shipbuilding industries -- all having undergone extensive restructuring earlier this year -- the government pledged to extend guarantees for corresponding companies and create some 60,000 new jobs for various age clusters within the year. It also revealed a financial program for small-sized bu
Oct. 24, 2018
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KAI donates $100,000 to Indonesia
Korea Aerospace Industries said Wednesday the company will make a donation of $100,000 for the restoration of damages in Indonesia, which suffered enormously from a heavy earthquake that occurred in the area of Sulawesi Island and the resultant tsunami.The donation will be delivered to Indonesia via the Korea Red Cross and will be used for the fastest restoration of damages in the affected region and for support of relief supplies to help damaged residents maintain their existence.“We will
Oct. 24, 2018
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Applicants for 'unemployment credits' on rise
South Korea saw more jobless people seek financial assistance from the state pension fund amid the country's worsening unemployment situation, data showed Wednesday.According to the data from the National Pension Service and submitted to the National Assembly, 312,616 unemployed people applied for the "unemployment credits" in the January-August period, compared with 369,272 for the whole of 2017. South Korea introduced the unemployment credit system in August 2016 to help mitigate fin
Oct. 24, 2018
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Financial support, tailored measures eyed to boost investment, create more jobs
South Korea's government said Wednesday that it will provide more financial assistance and tax incentives to boost sluggish facility investment, accelerate deregulation, stimulate innovation-led growth and create jobs.The finance ministry said the current slump in the job market and facility investment could further worsen down the road due to the deepening trade war between China and the United States, a slowing down of China's economy and rising oil prices.Also, the rate hikes in the US could
Oct. 24, 2018
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Top 1% earn W4.45b in investment income in 2016
Top 1 percent of South Korean taxpayers earned an average 4.45 billion won ($3.87 million) in investment income in 2016, data showed Wednesday. Their average investment income was 18.3 times bigger than the average income from salaries of top 1 percent earners, according to the data by the National Tax Service. In 2016, top 1 percent earned 243 million won in income from wages, the data showed.Investment income accounted for 34.1 percent of total earnings from top 1 percent earners, followe
Oct. 24, 2018
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S. Korea to diversify trade amid US-China tension: finance minister
Responding to protracted trade tension between the United States and China, South Korea should further diversify its trade channels and seek multilateral ties, the country’s top economic policymaker said Tuesday.“Seeking to actively respond to trade protectionism, (Korea) will take pre-emptive actions to diversify its investment and human interchanges,” said Deputy Prime Minister and Finance Minister Kim Dong-yeon in a meeting of economy-related ministers.He then called for Seo
Oct. 23, 2018